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CGS CIMB |
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Singapore Exchange (SGX SP) Acquiring BidFX To Serve Wider FX Community
Stay BUY, unchanged SGD9.20 TP, 14% upside with c.4% FY21F (Jun) yield. Our TP is pegged to 24x FY21F EPS, at 1SD above the 4-year mean of 22.5x. Singapore Exchange has announced that it will acquire the remaining 80% in BidFX for USD128m, which will expand its reach into the global FX over-the-counter (OTC) market. We view the acquisition positively.
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Accordia Golf Trust Business trust with golf assets
■ Listed on the SGX-ST, AGT is a business trust comprising golf assets. ■ The trust reported a net profit of JPY1.7bn for FY3/20. ■ AGT is trading at 0.86x FY20 P/BV, with a FY20 dividend yield of 6.72%
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CGS CIMB |
UOB KAYHIAN |
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Elite Commercial REIT Stability plus growth
■ Elite Commercial REIT (ECR) offers investors stability and growth, backed by a long lease profile and inflation-linked lease structure, in our view. ■ Its key tenant DWP is a counter-cyclical occupier that provides resilience to ECR’s initial portfolio. Growth drivers include inorganic expansion. ■ We initiate coverage on ECR with an Add rating and a DDM-based TP of £0.76.
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REITs – Singapore S-REITs Weekly
S-REITs corrected 0.8% wow last week as the US experienced a second wave of COVID-19 infections. Daily new confirmed cases surged above 40,000 each on Thursday and Friday. States in the Southeast and Southwest, such as Texas, California and Florida, were badly affected. We take advantage of the weakness to accumulate retail REITs CMT (Target: S$2.60) and FCT (Target: S$2.85), hospitality REITs ART (Target: S$1.16) and FEHT (Target: S$0.62), and office REIT KREIT (Target: S$1.30). Maintain OVERWEIGHT.
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Check out our compilation of Target Prices
